Meme coins had a significant increase in value in 2019 on the cryptocurrency market, attracting the interest of many investors. However, this rush of meme coins depleted the market’s meagre liquidity and left several investors clutching the bag.
Benjamin Cowen, a well-known expert, cautions that the bulk of these meme currencies will eventually lose value and vanish into oblivion. He issues a warning that individuals responsible for the development and advertising of these tokens show little consideration for the investors who purchase them.
Cowen claims that meme coin producers’ main goal is to take as much liquidity from the market as they can while consumers are still gullible enough to fall for their tricks. He believes that within a few months, these people will no longer support the con games they pushed and will also block anyone who tries to confront them about their behaviour.
Cowen emphasises the need of doing your research and learning from prior mistakes, and he shows little sympathy for individuals who fall for these con artists again and time again. He blames the Federal Reserve’s policies, which have caused funding to gradually dry up, for the fraudsters’ growing desperation.
These dishonest people constantly start new projects in an effort to make fast money in the hopes that one of them would take off. When they succeed in their objective, they draw a rug and move on to the following plan, leaving investors with worthless tokens.
Cowen exhorts the cryptocurrency community to quit encouraging these frauds, take additional precautions when investing in the speculative meme coin market, or steer clear of this kind of commodity altogether. By doing this, investors may safeguard themselves from substantial losses and foster a more favourable environment for the success of legal ventures.
